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Playtech Reports Stellar Second Quarter

Many companies involved in the U.S. online casino gambling and poker industries saw significant setbacks this year as they try to recover from the loss of all U.S. player revenue. Then take into account that several of the major online casinos and related companies suffered litigation costs because of new U.S. legislation (specifically the ban on all online casino activities involving U.S. players). But none of those factors seem to have had a lasting effect on Playtech’s 2007 quarterly revenue reports.

In fact, management at Playtech should pat themselves on the back for the new online casino poker site acquisitions – they may just be the company’s saving grace as it recovers from the dent that the U.S.’s 2006 Unlawful Internet Gambling Enforcement Act put in the company’s revenue making online casino sites.

In the online casinos industry alone the company has reported a 46 percent increase in revenues from this same time in 2006. Current revenue from internet gambling amount to $17.4 million.

But the real winner for the first six months of 2007 is hands-down the performance of the internet poker sites – some of which Playtech owned prior to 2007, but 12 of the company’s poker sites were acquired in the last six months. By the end of the second quarter of 2007, Playtech online casino poker revenue reached a 50 percent increase from the same period six-month revenues period in 2006. And all of these figures take into account the loss of all previous U.S. internet poker players.

The CEO of Playtech, Mor Weizer, was quick to acknowledge the positive effect the eight Tribeca online casino site acquisitions had on the companies second quarter revenue results. He comments, “The second quarter was the first full quarter of contributions from our Tribeca licensees. The successful migration and integration of these has left Playtech as the world’s leading independent poker network.”